Evonik rejects $11.7 billion BASF takeover bid, sources say

Sept 28 (Reuters) - German chemicals manufacturer Evonik EVKn.DE has rejected a €10.3 billion ($11.70 billion) takeover bid from larger rival and BASF BASFn.DE for being too low, sources close to the negotiations told Reuters on Monday.

BASF, one of the world's largest chemicals makers, had offered about €22.15 per Evonik share, the sources said.

BASF had said late last week that it was in "exploratory" talks with Evonik and on Monday said it would not comment on price. Evonik declined to comment.

Evonik's products include high-tech plastics and feed additives as well as ingredients for coatings and household products. BASF makes engineering plastics, super absorbent polymers, vitamins and a wide range of chemicals for industrial uses.

BASF is at risk of losing its ranking as the world's largest company by chemicals revenue to China's Sinopec 600028.SS.

Last year BASF's group revenue of €59.7 billion was almost the same as that of Sinopec's chemicals division.

($1 = 0.8800 euros)